Over 200 Ultra Rich American Millionaires Urge To Be Taxed More At World Economic Forum 2023

At this week¡¯s World Economic Forum in Davos, Switzerland, over 200 millionaires are standing up to "tackle extreme wealth" and "tax the ultra-rich" to help relieve the cost-of-living crisis gripping ordinary households.

Last year, too, a group of over 150 millionaires called on the elite attendees and governments around the world to tax them more.

The Patriotic Millionaires are self-described as "a group of high-net-worth Americans who share a profound concern about the destabilizing level of inequality in America."

"Tax The Ultra Rich & Do It Now"

"Tax the ultra rich and do it now," the group said in a new "Cost of Extreme Wealth" open letter published yesterday, i.e. on Wednesday. It is also endorsed by PMUK, Tax Me Now, and Millionaires for Humanity. "It¡¯s simple, common-sense economics. It is an investment in our common good and a better future that we all deserve, and as millionaires, we want to make that investment," it said.

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As per the CNBC report, the message warns of an "age of extremes" marked by rising poverty, wealth inequality, anti-democratic nationalism, depressed ecological conditions, and dwindling opportunities for average workers to make a living wage.

The millionaires' letter questions the mission of the World Economic Forum in the absence of concrete measures: "The current lack of action is gravely concerning. A meeting of the ¡®global elite¡¯ in Davos to discuss ¡®Cooperation in a Fragmented World¡¯ is pointless if you aren¡¯t challenging the root cause of division. Defending democracy and building cooperation requires action to build fairer economies right now - it is not a problem that can be left for our children to fix."

What Happens At World Economic Forum?

The WEF's roots stretch back to 1971, when its founder Klaus Schwab invited executives from European companies to the then tiny ski resort of Davos, high in the Swiss Alps.

Schwab's goal was to create a forum for policymakers and top corporate executives to address major global issues and learn best practices for leadership and management.

More than 600 CEOs will be in town, including Wall Street executives such as JP Morgan's Jamie Dimon, David Solomon from Goldman Sachs, and Morgan Stanley's James Gorman.

According to Reuters, chief executives of major energy companies have returned from a COVID-related hiatus.

This year's theme, "Cooperation in a Fragmented World," is a nod to the tectonic shift in global markets and political relationships that has occurred since the pandemic.

Disney Heiress Amongst The Signatories

The campaign numbers 206 signatories from 12 countries, including Abigail Disney, an heiress to the multimedia entertainment empire, and actor Mark Ruffalo.

Last year, in her speech at an event, the Disney heiress also said that some wealthy people even develop a denial of death, and ¡°self-delusion¡± by ¡°telling yourself you¡¯re doing God¡¯s work. In other words, billionaires are miserable, unhappy people. The billionaire bashing needs to happen. I don¡¯t know why we¡¯re being so polite.¡±

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¡°Extreme wealth is eating our world alive. It is undermining our democracies, destabilizing our economies, and destroying our climate,¡± Disney said, as per the report. ¡°But for all their talk about solving the world¡¯s problems, the attendees of Davos refuse to discuss the only thing that can make a real impact ¡ª taxing the rich.¡±

She reportedly criticized, "I¡¯ve been to Davos. I¡¯ve sat in the same room with some of the richest and most powerful people in the world as they talk about how they can make a difference, so I can say this with firsthand experience: Davos is a farce. Until Davos attendees start talking about taxing the rich, the entire gathering will remain a very public example of how out of touch they really are."

Taxing The Rich Could Have Raised $1.7 Trillion

A study produced by the Patriotic Millionaires group, as per a CNBC report, finds that a progressive annual wealth tax modelled at 2% on individuals worth $5 million, 3% on those with a net $50 million, and 5% on the ultra-rich with more than $1 billion could have raised in excess of $1.7 trillion in 2022.

A recent report by Oxfam found that the world¡¯s richest 1% have accrued nearly two-thirds of all new global wealth over the last two years, amassing $26 trillion out of the $42 trillion created in that period.

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